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:00. we'll continue our coverage a bit later in this newscast. >>> a new gold rush in california, only this time they're after liquid gold. prospect fors want to top into barrels of oil reserve. it's deep under a stretch of land called the monterey shale. it runs almost down to l.a. and cbs 5's allen martin explains, homeowners don't own what they think they do. >> reporter: it's jay's favorite pass time, quail hunting with his 12-year-old son eric. that's why he bought 1400 acres of land. >> they're a surface owner. >> reporter: but a letter he got has him worried. >> it's our understanding that you are the surface owner of all or a portion of the land included in a parcel in our competitive oil and gas lease sale. >> reporter: it tells him his private land is about to be leased off to an oil company. >> this could result in surface- disturbing activities on your land. if there is oil in, say, the next section over and they need to drill for it, so be it. i just wish they wouldn't attempt to do it around my house. >> reporter: it's actually a common situation. you may own the surface
, campaigning for his tax initiative, proposition 30, one of two competing tax measures on the california ballot. if passed it would bring in an estimated $6 billion a year by temporarily raising the income tax on the state's highest earners. it would also raise the sales tax by a quarter percent. >> it's about kids. it's about teachers. it's also about the credit rating in california. it's about social harmony. >> it's a big scam. they could go fix it. they could start by auditing every department. they're avoiding doing what's really necessary, which is a total overhaul of the budgeting process. >> if prop 30 doesn't pass, it would trigger $6 billion in automatic cuts, most of it to schools. >>> one competing factor, prop 38, it's also a tax measure on the ballot. >>> and with just two days before the third and final showdown, both presidential candidates have now headed to their debate preparation corners. tonight, president obama is huddling with senior advisories in a hideaway in maryland. republican challenger mitt romney is in florida all weekend, also teaming with advisories. they're hea
Search Results 0 to 1 of about 2